The Nairobi Securities Exchange (NSE) has extended the contract of its chief executive Geoffrey Odundo by one year to maintain continuity as it searches for a new leader.
Mr Odundo was to leave the firm on February 28 when he had completed his second four-year term. The extension of his contract comes amid plans by the government to list five State-owned firms on the Nairobi bourse in the short term.
The NSE has gone for years without a substantial new listing, leaving the bourse to be dominated by Safaricom, banks and a few manufacturers in terms of profitability, dividends and market capitalisation.
Mr Odundo was first appointed to helm the NSE on March 1, 2015, near the start of the long-term bear market that has gripped the bourse, influencing the performance of the company which earns fees on transactions.
Business Daily has learned that concern over continuity at NSE prompted approval of the application for an extension of term for Mr Odundo, coming at a time when the Nairobi bourse has lost several key staff.
In April 2022 Terrence Adembesa left the position of the chief business officer at the NSE, taking on a new role as CEO of the budding East Africa Bond Exchange.
